What Kind of Lifestyle Can I Get With 70k A Year? (Los Angeles: real estate, apartments)

[geezlouise...]

Newbie here,

I'm single and just got a job offer in LA, the salary after tax is about 70k.
I heard that LA is an expensive city, but with 70k, what do i expect ?
Can i put some of that to my saving acct ?
Currently i live in smaller town compare to LA,so i have no idea whatsoever about the cost there.

Also, i'll commute daily to 90028, can you advice me a great apartment nearby ? I'll use a car for transportation

Thanks !

[West of Encino]

With that salary, you could rent in some parts of the Westside like around the LAX area.

[BRinSM]

70k will afford you a nice 1br apartment in a decent part of town at the least. if you're working in the 90028 zip code, i would consider somewhere like los feliz.

[hockfan86]

You can definitely make it out here on that. Some people seem to think you have to make an enormous amount of money to survive out here. It is very expensive out here, but for awhile I was making 45k a year and I was able to afford rent in Irvine, CA. If you don't want to live with any roommates then it can get expensive, but you can still afford a nice 1br or even 2br in some parts with 70k after taxes. The trick is to not search for apartments on the common real estate or apartment websites. Walk around the area and see what is available and if you are a little more bold check craiglist. I have received really good deals on rent from craigslist it just takes some time to sift through some of the bs. Good luck.

[Dunbar42]

70k after tax equates to about 6k a month. You can live very comfortably even in the nice parts of LA and still have money left over to save. You won't be able to lease a new Land Rover or BMW 7 series every 3 years though

[BayAreaHillbilly]

It's doable but you will need to manage your fiscal duties with above average diligence.

[hockfan86]

^^^I kind of disagree. I mean it would be smart to manage his/her finances wisely. However with 70k a year after taxes there is plenty of breathing room even in pricey places, unless your talking about like the nicest of nice. I mean if you drive a nice car, but not a super nice car and don't eat out all the time, you're going to have plenty of money to fool around with. I know this because I make about 50k after taxes and I live in a place on par with West L.A. and I have plenty of screw around money. I drive an Audi A4 (not amazing, but not bad), I live with 2 other roommates in a spacious 3 bedroom.

Now again like I said above, if he/she wants to buy a home/condo or rent alone then yes its going to be a little tight.

[harhar]

Very decent.

My wife and I made that combined when we lived there.

[Stereotypeq]

all depends on where you want to live. in the middle of hollywood? on the outskirts? santa monica?

I would say look at apartment prices on craigslist. If they give addresses google earth the area and walk down the street to make sure they are decent.

My guess is that you won't be super styling.... but you will live comfortably. you can afford your basic needs (a place to live that isn't ritzy but isn't cramped or sketchy or dirty), a decent/average car, going out money and occasional luxuries/purchases & travel). If you live on the outskirts of town, or a mixed neighborhood, or had a roommate etc. - you could probably get a little more fancy.

keep in mind state taxes on your salary.... that surprised a co worker who moved here from Miami.

I would not be scared to move here on $70k. You can make it happen and you can live in decent neighborhoods that are centrally located.

[geezlouise...]

Originally Posted by ajnels1

Moderator cut: rude

If you think you're going to be just barely scraping by on 70,000 a year, you need to wake up and stop spending your money like an idiot.

You should not need above average diligence to manage that type of salary. The fact that you even need to ask if that's a sufficient amount to live on in Los Angeles speaks volumes about your financial ignorance.

Good luck.

Duh, i didn't mean to be ignorance.
I just wanna ask opinions from Angelenos because i never lived there.

I already settled with my Mustang so i don't need a new car.
Prefer to live without roommate, and maybe 2nd bedroom for all my books.
I go out probably once a week, but for lunch and dinner i prefer to buy ready to serve food or order chinese food. Is food expensive there ?

With that, can i save say 20k a year ?